3 Product Growth Hacks for Tech Startups

We entrepreneurs live in a fascinating time, when innovation in the tech industry seems to be shaping the newest image of the American Dream. In fact, tech innovation is quickly becoming the go-to field for those looking to make a name for themselves.

Related: Where Will You Find Your Next Great Idea?

But, due to the unrelenting competitiveness required for breaking into such an overcrowded marketplace, these entrepreneurs have to invest an incredible amount of effort to stand out. And, even then, the odds are stacked against them, because for every “home-run idea,” there are hundreds of strikeouts.

Research, in fact, has put the failure rate of tech startups at 75 percent, with the most common reason for failure being lack of market need, according to a study by CB Insights.

So, the message here is that having a great idea and conducting market research is only a tiny part of the process. Once the time comes where you are ready to venture into the harsh world of tech startups, consider the following three pieces of advice.

1. Find something already great and improve it.

In a field where innovation is the name of the game, coming up with a completely authentic idea that gains widespread attention is extremely difficult. Because of this, many startups are working to build off the successful ideas already out there. Think about your own experiences. What is something you use all the time? How could it be better?

For example, Pronto! (also available on Google Play) plays to the pitfalls involved with the original “self-destructing” messaging app Snapchat. One of the biggest disadvantages with the mainstream app is that you cannot merge its unique functionality with any other communication platform.

While many of the key messaging elements that have made Snapchat a worldwide phenomenon are there, Pronto! goes a step further and allows users to send the signature “disappearing” messages to friends, using platforms like Facebook Messenger, WhatsApp, iMessage and more.

Additionally, another drawback of Snapchat is that the recipient can screenshot your message — defeating the purpose of self-destructing content. Pronto! has been built with a screenshot protection function so the user can send whatever he or she wants, without worrying.

Using a monumental breakthrough and building on it is a great way to present your unique value proposition. Your biggest advantage will be that there is already a lucrative market for the idea, and the target audience is likely in the same boat — meaning those people are wanting something more from their current situation.

Related: From Idea to Successful Tech Company in 8 Steps

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Entrepreneur: Startup

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